Knowledge Management and Economic Growth: The Assessment of Links and Determinants of Regulation

Abstract

Purpose: In order to make an informed choice of the most effective tools for ensuring the development of a competitive economy, it is important to take into account the links between macroeconomic indicators of progress and the most important components of knowledge management. In this regard, the aim of our study is to assess the relationship between knowledge management factors and economic growth in order to select the factors that most determine the positive changes in Gross national income per capita. Methodology/results: As a result of the systematization of the main international indices, which use knowledge management factors and the authors’ correlation analysis of their relationships with GNI per capita, conclusions are made about the greatest effectiveness at the present stage of action, which results in skills development (such as the ability to work with new technologies and with people, flexibility and cooperation), innovative capacity, access to information and means of communication. Findings: The perception of these factors as determinants of economic development and the appropriate direction of the levers of economic policy will result in achieving the greatest economic efficiency on the basis of the development of the knowledge economy.